Green Technology and Sustainability Market Size - By Technology (Internet of Things (IoT), AI and Analytics, Digital Twin, Cloud Computing, Blockchain, Others), Component (Solution, Services), Application, Regional Analysis & Global Forecast, 2023 - 2032
Published Date: April - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGreen Technology and Sustainability Market Size
Green Technology and Sustainability Market size stood at USD 14.3 billion in 2022 and is expected to register a CAGR of over 19.5% from 2023 to 2032. Rising awareness of Corporate Social Responsibility (CSR) measures is one key driver of the market growth. With companies gaining increasing awareness about the need to be environmentally friendly, they are embracing sustainable approaches and technologies that will help them meet their CSR objectives. Technology giants like Google and Apple are dedicated to fueling their operations with renewable energy sources.
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Similarly, businesses like Unilever are emphasizing minimizing environmental impact by sustainability-oriented sourcing & manufacturing. All this increased concern is not just defining corporate goals but also shifting consumer behavior in favor of "green" offerings & services. With CSR projects becoming increasingly inherent to brand & reputation, the market for sustainability and green technologies will keep rising.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Green Technology and Sustainability Market Size in 2022 | USD 14.3 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 19.5% |
| 2032 Value Projection | USD 83.0 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 290 |
| Segments covered | Technology, Application, Component |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Strong government policies & laws are pushing the green technology & sustainability sector. Governments across the globe are placing environmental regulations & emissions cut plans, forcing sectors to switch towards sustainable solutions. The European Green Deal mandates steep carbon cutting measures, encouraging use of renewable sources, electric cars & circular economy policies. The Renewable Portfolio Standards making clean energy a must by multiple states in the U.S. Such laws encourage companies to invest in green technologies and sustainability initiatives, creating market demand while avoiding environmental degradation and climate change.
One of the primary challenges of the green technology and sustainability market is the high up-front cost. Most sustainable products, including renewable energy systems or energy-efficient appliances, require considerable up-front capital outlays. In order to counter this challenge, governments and banking institutions can extend incentives, for instance, tax credits, subsidies, or cheap loans, in order to price green technologies relatively cheaper. Second, manufacturing innovation and economies of scale can gradually drive down the cost of eco-friendly products so that they can become more popular with a large segment of customers & businesses.
COVID-19 Impact
The impact of COVID-19 was uneven on the market for green technology and sustainability. Though the pandemic momentarily scattered supply chains and impeded certain renewable energy projects because of lockdowns & economic instability, it also underscored the need for sustainability & resilience. The governments & institutions became aware of green solutions as an integral part of the pandemic recovery process, and thus there has been rising investment in renewable energy, sustainable infrastructure & green technologies. This change of interest and awareness actually hastened the market size.
Green Technology and Sustainability Market Trends
The acceptance of solar, wind, and hydropower for clean energy production is the latest trend in the green technology and sustainability sector. As climate change anxiety builds, people increasingly move towards using renewable energy sources that emit very little in terms of greenhouse gases. Technology has evolved to the point where these sources are now more affordable and viable, with both businesses & governments looking to cut their carbon footprints and drive sustainable energy solutions.
Growing acceptance of Electric Vehicles (EVs) and the expansion of EV charging facilities are new trends in the green technology and sustainable market. As there is a growing concern over air pollution and global warming, more people are asking for green transportation. This has stimulated the innovation of more economical and efficient EVs. At the same time, governments and the private sector are investing heavily in EV charging stations to overcome range anxiety and encourage EV uptake. This development is consistent with the overall objective of lowering carbon emissions and supporting sustainable mobility solutions.
For example, in September 2023, Tata introduced the new Nexon EV featuring a revolutionary digital design. This Electric Vehicle (EV) adds to the green technology and sustainability segment by presenting an environment-friendly & tech-enabled transportation solution, lowering emissions and enabling sustainable mobility.
Green Technology and Sustainability Market Analysis
Learn more about the key segments shaping this market
The solution segment recorded around 67% of the green technology and sustainability market share in 2022. The segment encompasses a wide range of components including solar panels, wind turbines, electric vehicle batteries, and smart grid systems. As the demand for sustainable solutions intensifies, advancements in these components lead to increased efficiency and affordability.
Innovation in solar panel technology has significantly reduced the cost of solar energy production, making it more accessible to consumers and businesses. Similarly, developments in energy storage systems such as lithium-ion batteries are driving the growth of electric vehicles and renewable energy integration. This trend showcases the pivotal role of component-level innovation in propelling the market forward.
Learn more about the key segments shaping this market
The Internet of Things (IoT) segment held a dominant green technology and sustainability market share in 2022. IoT enables real-time monitoring and control of energy usage, waste management & resource conservation. Smart grids use IoT to optimize electricity distribution, reducing energy wastage. In agriculture, IoT sensors monitor soil conditions and irrigation needs, promoting sustainable farming practices.
As sustainability gains prominence, IoT's ability to enhance resource efficiency and environmental monitoring positions it as a key driver of green technology adoption & growth in various industries. For instance, in April 2023, Element14, an Avnet Community, launched the Summer of Green Technology to celebrate Earth Day. This program includes webinars, training courses, quizzes, and hands-on activities for members to enhance their knowledge & skills in green technology. It aims to promote eco-friendly practices and sustainability within the community during the summer season.
Looking for region specific data?
North America green technology and sustainability market accounted for 36% of revenue share in 2022. For instance, in September 2023, Salesforce launched Einstein Copilot, an AI assistant for CRM tasks, and Copilot Studio for AI app development. These offerings cater to the growing demand for AI customization in productivity tools. They will also include the 'Einstein Trust Layer' to ensure data security. This innovation aligns with the broader trend of AI adoption in various industries, where AI can enhance efficiency and drive sustainable practices.
The region boasts a strong emphasis on environmental responsibility with many government policies & regulations promoting clean energy and sustainable practices. Investments in renewable energy sources, such as wind & solar power, are on the rise. Additionally, the growing popularity of electric vehicles and the development of EV charging infrastructure contribute to sustainability efforts. This commitment to eco-friendly solutions, coupled with substantial technological innovation and corporate sustainability initiatives, positions North America as a key region driving the global market expansion.
Green Technology and Sustainability Market Share
Major companies operating in the green technology and sustainability market are
- Schneider Electric
- Salesforce, Inc.
- Microsoft
- Enablon (Wolters Kluwer N.V.)
- Engie Impact
- Sensus
- CropX
- Taranis
These companies are focused on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are also heavily investing in research to introduce innovative products & services and garner the maximum market revenue.
Green Technology and Sustainability Industry News
- In September 2023, the Green Digital Economy Platform (GDEP) launched an international initiative endorsed by Indonesia and Korea to promote sustainability & digital well-being while advancing the digital economy. This collaboration is valuable for the market as it signifies a commitment to harnessing digital innovation to address environmental challenges, drive sustainable practices, and foster an eco-friendly & technologically advanced future.
This green technology and sustainability market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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Market, By Technology
- Internet of Things (IoT)
- AI and analytics
- Digital twin
- Cloud computing
- Blockchain
- Others
Market, By Application
- Green building
- Carbon footprint management
- Air and water pollution monitoring
- Weather monitoring and forecasting
- Fire detection
- Crop monitoring
- Soil condition/moisture monitoring
- Forest monitoring
- Sustainable mining and exploration
- Others
Market, By Component
- Solution
- Services
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- UAE
- Saudi Arabia
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